Revenues surge at Salix; quarterly performance tops Street expectations

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Local Tech Wire

RALEIGH, N.C. – Despite a sharp increase in revenues, (Nasdaq: SLXP) reported a larger third quarter loss than in 2008 on Monday.

However, the company which focuses on gastrointestinal drugs, still beat Wall Street expectations.

Salix revenues jumped 53 percent to $65.7 million with a traveler’s diarrhea drug, Xifaxan, delivering nearly double its 2008 revenues at $43 million.

Still, Salix reported a loss of $7.3 million, or 15 cents per share. Analysts polled by Thomson Reuters expected a 29-cent loss.

Driving up losses were increased costs for sales as well as research and development.

Among the expenses was a $5 million payment for acquisition of U.S. rights to a bioadhesive technology.